Sprint reports narrower Q2 loss than Wall Street expected

TreyWilliams

Reporter

Sprint Corp.
S, +1.55%
reported a narrower than expected second-quarter loss before the market opened on Wednesday. Shares of the wireless company were up nearly 2% after the report, but turned negative soon after. Sprint reported a net loss of $48 million, or 1 cent per share, compared with a loss of $142 million, or 4 cents per share during the same period a year ago. FactSet's consensus was for a loss of 2 cents per share. Revenue for the quarter was $7.93 billion, down from $8.25 billion a year ago and below FactSet's consensus of $8.07 billion. The company said it added 378,000 new wireless members during the quarter, and postpaid phone additions grew 10% year-over-year. Sprint said its 2017 outlook is unchanged. The company still expects adjusted earnings before interest, taxes, depreciation and amortization in the range of $10.8 billion to $11.2 billion, and operating income in the range of $2.1 billion to $2.5 billion. Shares of Sprint have declined nearly 17% in the year to date, while the S&P 500 index
SPX, +0.01%
is up nearly 15% and the Dow Jones Industrial Average
DJIA, +0.35%
is up close to 19%.

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